United States President-elect Donald Trump announced on Dec. 4 on his social media platform Truth Social that he had picked longtime crypto-friendly Paul Atkins, a former commissioner at the Securities and Exchange Commission (SEC), to lead the regulatory agency as its next chair.
Trump Taps Crypto Supporter Paul Atkins To Lead SEC
In Trump’s Wednesday announcement, he described Atkins as a “proven leader.”
“He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors, and that provide capital to make our economy the best in the world,” Trump wrote. “He also recognizes that digital assets and other innovations are crucial to making America greater than ever before.”
Atkins served as an SEC commissioner for six years (from 2002 to 2008) following his appointment by President George W. Bush. He will succeed outgoing SEC Chairman Gary Gensler, who previously announced he’d step down on Jan. 20 when Trump is sworn into office as the next U.S. president.
Ripple CEO Bradley Garlinghouse hailed Atkins’ appointment as an “outstanding choice.” Garlinghouse thinks that Atkins will bring “common sense” back to the Commission.
“Along with Hester Peirce and Mark Uyeda, it’s time to swiftly and definitively end the prohibition era on crypto, restoring freedom of choice, economic growth, and innovation,” the Ripple boss added.
Crypto Industry Highly Optimistic Amid Gensler’s Departure
Current SEC czar Gensler has gained notoriety for his aggressive anti-crypto stance. During his tenure, the regulator unleashed a handful of enforcement actions against prominent crypto companies such as Binance, Coinbase, OpenSea, Kraken, and Consensys, among others. The SEC also categorized several major cryptocurrencies, including Solana (SOL), Cardano’s ADA, and Polygon (MATIC) as unregistered securities, drawing the ire of most crypto community members.
Notably, crypto prices have been soaring following news of Gensler’s voluntary exit and Trump’s election victory. Moreover, filings for U.S.-listed spot XRP exchange-traded funds (ETFs) surged after his resignation announcement, with Bitwise, WisdomTree, Canary Capital, and 21Shares all submitting applications to the SEC.
Meanwhile, ahead of the incoming regulatory leadership transition, 18 states have lodged a lawsuit against the SEC and its current commissioners, including Gensler, over its crackdown on the crypto industry.
